The vehicle inverters market is projected to grow at a CAGR of 17.57% during the forecast period to reach USD 7.7 billion by 2025 from an estimated USD 2.5 billion in 2018. The base year for the report is 2017, and the forecast period is from 2018 to 2025. The growth of the vehicle inverters market is influenced by factors such as the rise in stringent emission norms to prevent environmental impact, increasing sales of electric vehicles globally, and subsidies and tax rebates issued by several governments. Additionally, the increasing use of various handheld devices and household appliances in ICE vehicles is fueling the demand for vehicles inverters in ICE vehicles globally.
The major vehicle inverters market players include Denso (Japan), Delphi Technologies (UK), Continental AG (Germany), Robert Bosch GmbH (Germany), and Mitsubishi Electric Corporation (Japan). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to further expand their presence in the global vehicle inverters market. New product launches has been the most dominating strategy adopted by major players from 2015 to 2018, which helped them innovate their offerings and broaden the customer base. For instance, Hitachi, Ltd. announced the development of an original energy saving power semiconductor structure, TED-MOS, using the next-generation Silicon Carbide (SiC) material that contributes to saving energy in Electric Vehicles (EVs). This power semiconductor is a new device using a fin-structured trench MOSFET, based on the conventional DMOS-FET, a SiC transistor of the power semiconductor. Using this new device, an energy saving of 50% was confirmed. Hitachi intends to apply this device in motor drive inverters, which are a core component of EVs to increase energy efficiency. Another major strategy followed by the leading players is expansions. For instance, Delphi Technologies electrification solutions will be developed and manufactured in every region, with new facilities currently being built in Poland and China. Once operational, the Polish facility, located at Blonie, will manufacture DC-DC converters, inverters, and control units.
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Denso is the world leader in the vehicle inverters market. The company is continuously delivering new technologies in the vehicle inverters market. Delphi Technologies is the second largest player in vehicle inverters. It is followed by Continental AG, Robert Bosch GmbH, and Mitsubishi Electric Corporation. In August 2018, Denso with Aisin jointly developed and sold a driving module package that integrates key components such as transaxles, motor generators, and inverters.
Another important player in the industry is Delphi Technologies, which is continuously expanding its vehicle inverter products. In January 2018, Delphi Technologies PLC invested in PolyCharge America, Inc., a start-up established to commercialize a new capacitor technology. This technology helps to make high-power inverters smaller, lighter, and more tolerant to high temperatures.
Vehicle Inverters Market Propulsion Type (BEV, HEV, and PHEV), Output Power Type (<=130 kW and >130 kW), Technology Type (IGBT and MOSFET), Semiconductor Materials Type (GaN, Si, and SiC), By Vehicle Type (PC and CV), and Region - Global Forecast to 2025
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